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Scam Alert

Ordinals Finance Is A Rug Pull Scam Causing $1 Million Damage

April 25, 2023 - Around 2 mins mins to read

Key Points:

  • Security firm Certik has confirmed Ordinals Finance is a runaway scam that caused $1 million in damages.
  • The ETH-based DeFi protocol, Ordinals Finance, left the market on April 24 by removing all information.
  • There are at least 1,287 OFI token holders that have dropped the price by 96%.
According to the supervision of CertiK, Ordinals Finance has been confirmed as a scam project, causing a loss of $1 million.
Ordinals Finance Is A Rug Pull Scam Causing $1 Million Damage

Another Rug pull or exit scam hit the market on April 24, 2023, when Ordinals Finance pulled out of the market. Ordinals Finance is introduced as an Ethereum (ETH) based DeFi protocol that allows lending and borrowing lines.

According to the data, the deployer withdraws OFI tokens from the OEBStaking contract, exchanges them for ETH, and transfers them to the EOA address (0x34e…25cCF), thereby transferring 550 ETH (approximately $1 million) to Tornado Cash. All social media accounts and the project website have been deleted. ETH address: 0x419E35E3515c2fDB652C898bF7A0B21FB20497dC

“We can confirm that the @ordinalsfinance exit scam has resulted in a loss of $1 million. All social media accounts have been deleted, as well as the project’s website. Funds have been constrained into EOA 0x34e…25cCF”

At the time of writing, it can be seen that the Ordinals Finance Twitter account has been disabled or deleted. The same goes for its website. Furthermore, data from Certik’s website shows that the token had at least 1,287 holders at the time of the carpet pulling.

According to additional data from CoinMarketCap, the current OFI price at $0.00009939 means that the value of the token has dropped by as much as 96%.

Ordinals Finance Is A Rug Pull Scam Causing $1 Million Damage
24h OFI price chart. Source: CoinMarketCap

Scam projects are still popping up a lot in the market thanks to the heat and rapid growth of cryptocurrency and decentralized finance (Defi). Many investors fall into sophisticated traps that have been set up despite many warnings. The implementers can manipulate investors after amassing large amounts of money. This can be considered as the order of events with Ordinals Finance.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Foxy

Coincu News

Scam Alert

Ordinals Finance Is A Rug Pull Scam Causing $1 Million Damage

Key Points:

  • Security firm Certik has confirmed Ordinals Finance is a runaway scam that caused $1 million in damages.
  • The ETH-based DeFi protocol, Ordinals Finance, left the market on April 24 by removing all information.
  • There are at least 1,287 OFI token holders that have dropped the price by 96%.
According to the supervision of CertiK, Ordinals Finance has been confirmed as a scam project, causing a loss of $1 million.
Ordinals Finance Is A Rug Pull Scam Causing $1 Million Damage

Another Rug pull or exit scam hit the market on April 24, 2023, when Ordinals Finance pulled out of the market. Ordinals Finance is introduced as an Ethereum (ETH) based DeFi protocol that allows lending and borrowing lines.

According to the data, the deployer withdraws OFI tokens from the OEBStaking contract, exchanges them for ETH, and transfers them to the EOA address (0x34e…25cCF), thereby transferring 550 ETH (approximately $1 million) to Tornado Cash. All social media accounts and the project website have been deleted. ETH address: 0x419E35E3515c2fDB652C898bF7A0B21FB20497dC

“We can confirm that the @ordinalsfinance exit scam has resulted in a loss of $1 million. All social media accounts have been deleted, as well as the project’s website. Funds have been constrained into EOA 0x34e…25cCF”

At the time of writing, it can be seen that the Ordinals Finance Twitter account has been disabled or deleted. The same goes for its website. Furthermore, data from Certik’s website shows that the token had at least 1,287 holders at the time of the carpet pulling.

According to additional data from CoinMarketCap, the current OFI price at $0.00009939 means that the value of the token has dropped by as much as 96%.

Ordinals Finance Is A Rug Pull Scam Causing $1 Million Damage
24h OFI price chart. Source: CoinMarketCap

Scam projects are still popping up a lot in the market thanks to the heat and rapid growth of cryptocurrency and decentralized finance (Defi). Many investors fall into sophisticated traps that have been set up despite many warnings. The implementers can manipulate investors after amassing large amounts of money. This can be considered as the order of events with Ordinals Finance.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Foxy

Coincu News

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